Joe the Plumber Doesn’t Need to Wait Any Longer

As President Obama and many other “experts” prepare for the televised bipartisan summit on health care reform scheduled for February 25th, many small business owners are looking for relief with their health insurance premiums. Don’t expect a clear answer next Thursday. Don’t misunderstand me, health care reform is coming – but what it will look like and when it will happen is anybody’s guess.

In fact, a new poll released last week by Rasmussen Reports (Click here to view) , shows that 61% of voters want Congress to throw out the existing bills and start all over again! 54% say to wait on this topic until after the congressional elections in November. Even if the bills were passed today – true reforms don’t kick in until 2013. That certainly isn’t going to help Joe the Plumber’s small business who just got walloped with a 20% insurance increase effective March 1st!!

So what does a business owner do? Certainly not wait for the government to come to the rescue. Call your insurance broker or find a new one with creative ideas to help your business control these insurance costs. The group health insurance marketplace is coming out with new and creative ideas all the time. Joe the Plumber doesn’t have time to learn all about these programs, but his broker does – or he better otherwise Joe will find a broker who does understand them.

New prescription plan riders, creative hospital co-pays and dual option plan designs are simple approaches that many businesses have yet to implement. The Consumer Driven Healthcare plans have been around since 2004. Have you taken advantage of the lower premiums and tax savings that come with Health Savings Accounts (HSAs)? How about reducing your premium in exchange for sharing the cost of a deductible with employees by implementing a Health Reimbursement Arrangement (HRA)? Go further and explore self funding your prescription plan or medical plan.

You say you have done all of these things and more, and still looking for relief? Although they make up a smaller portion of your employee benefit costs, have your broker work on the rest of your benefits, dental, life, disability, vision…..the list goes on.

So don’t wait around – take action now. Or call me and I’ll be your new broker and do the work for you.

Steve Blewitt, GBA Vice President of IFS Benefits Steve is licensed in Life and Health in many states. Steve is actively involved in the National Association of Health Underwriters, National Association of Insurance and Financial Advisors, Delaware Society of Human Resource Management, Associated Builders and Contractors of Delaware, Delaware Contractors Association, Delaware State Chamber of Commerce, and New Castle County Chamber of Commerce.

"Away from home help"

Many employers today purchase Group Life AD&D and Disability benefits for their employees. Why not ? Despite the challenging economic times these insurance products are relatively low cost and have a high value. An unexpected death could leave family members in a difficult financial situation. How would you pay your bills if you suddenly became disabled and you didn't have disability insurance? For many of us our employers have taken these concerns away by providing such insurance products.

Unfortunately, for many small businesses, these products have become a commodity. Purchasing decisions are made on price alone - usually with the least expensive insurer. During the sales process, the insurance agent may highlight some value added services - many which most buyers forget about.

However, in the aftermath of the tragic earthquake in Haiti now may be a good time for employers to review the value added services included with their life and disability products. Many insurance companies offer assistance when traveling more than 100 miles from home. Typically an employee simply dials an 800 number to access these benefits. These services can be as basic as pre-trip planning - like weather forecasts at your destination or visa, passport and immunization requirements. More complex services like emergency medical evacuation and transportation can be handled by organizations that insurers have partnered with. Lincoln Financial Group partnered with MEDEX Assistance Corporation to provide these services. In the worst case scenario that results in death these companies may even handle return of mortal remains of the deceased traveler.

Don't think these programs exist ? Check out the web sites of just a few group insurers like Unum or the Hartford. Or check your current group insurance policy and see if this benefit is part of your plan. And the next time your agent or broker explains some of the value added services insurance companies include - realize that sometimes these could be more important that you think.

Finally, if you have not yet made a donation to the victims of the Haiti earthquake, please consider giving through an organization like the Red Cross.

Steve Blewitt, GBA Vice President of IFS Benefits. Steve is licensed in Life and Health in many states. Steve is actively involved in the National Association of Health Underwriters, National Association of Insurance and Financial Advisors, Delaware Society of Human Resource Management, Associated Builders and Contractors of Delaware, Delaware Contractors Association, Delaware State Chamber of Commerce, and New Castle County Chamber of Commerce.